...NEW YORK (Standard & Poor's) Nov. 18, 2015--Standard & Poor's Ratings Services said today that ConAgra Foods Inc.'s announcement that it will separate into two pure-play public companies does not affect our CreditWatch developing listing. We expect the company to spin off the Lamb Weston frozen potato business from the consumer brands business by the fall of 2016, tax-free to ConAgra Foods and its shareholders. ConAgra has not announced the capitalization plans for the two businesses, but it did reiterate its plans to utilize the net proceeds from the pending sale of its private brands business to TreeHouse Foods, announced earlier this month, primarily for debt reduction. We believe at least the consumer brands business could have an investment-grade rating, depending how it is capitalized, given the product portfolio. We will resolve the CreditWatch listing following our discussion with management and our review of the financial and business structures of the new company, the company's...
